Trying to bounce back financially after divorce

Anyone in Colorado who has gone through a marital split likely understands the financial strain such circumstances can cause. For someone who had been at home raising children full time before a divorce, suddenly being thrust into the workforce and responsible for primary income can be a little overwhelming, to say the least. Setting small, attainable goals may prove quite beneficial toward regaining financial stability.

Some say it helps to curtail large expenditures for a time. In fact, creating a budget and sticking to it will help set the tone for rebuilding one’s assets and getting finances back on track. Focusing on the main essentials of food, clothing and shelter can also help fine tune one’s financial progress.

Depending on how property was divided in the divorce, a person may have to sell a house or other property in order to make ends meet. Such situations can be quite complicated and difficult to navigate without outside support. In addition to providing legal counsel, a family law attorney is often able to make suggestions as to how to optimize one’s financial options in a divorce.

Although there are typically many decisions to make following divorce, many counselors and other advisers say it is generally not a good time to make life-changing money decisions. Such matters may be best addressed at a more financially stable time. If unresolved issues with a former spouse are causing additional strain, it may be best to seek assistance from a Colorado attorney to negotiate a fair and agreeable solution.

Source: daveramsey.com, “After the Divorce: How to Secure Your Financial“, Accessed on Dec. 9, 2016